Spirit Aviation Holdings (FLYY), parent company of US budget carrier Spirit Airlines, said late Friday that it has filed for Chapter 11 bankruptcy, the second time in a year after its previous restructuring failed.

The company said it has made the Chapter 11 filing in the US Bankruptcy Court for the Southern District of New York.

Spirit said it aims to use the process to overhaul its finances and operations, working with creditors, lessors, and stakeholders to develop a more sustainable business model.

Flights, bookings, loyalty points, and employee pay will all continue as normal during the restructuring, the company said.

Spirit said it plans to streamline operations by focusing on key markets, resizing its fleet, and aligning costs with customer demand across its three fare classes.

The company said it expects to be delisted from the NYSE American in the near term as a result of the Chapter 11 filing, that its shares will continue to trade in the over-the-counter marketplace during the process, and that its shares will most likely be canceled with no value as part of the restructuring.